Share Withum is proud to recognize two leaders named as NJBIZ ICONs for 2021. Bill Hagaman, Managing Partner and CEO, and Jim Ferrare, Principal and President of Withum Wealth Management, were named by NJBIZ and will be honored at the virtual award ceremony later this summer. Bill Hagaman has been a member of Firm management…
Proposed amendments to the draft legislation for non-resident registration requirements were released in April 2021. They include, among others: What is the Canadian GST/HST? Two types of sales taxes are levied in Canada – provincial sales taxes and the goods and services tax (GST)/harmonized sales tax (HST). Provincial sales taxes are collected in the provinces…
Share As we’re nearing the end of what feels like the longest and strangest year in recent history, many businesses are shifting their focus to year-end planning. This year was tough on everyone, but small businesses struggled in particular. Many businesses saw their operations impacted significantly by government restrictions and they had to rely on…
Share On March 31, President Biden started to outline his “Build Back Better” recovery plan involving $2.3 trillion in infrastructure and other spending over an eight-year period. He released the “American Jobs Plan,” which contained the details of the infrastructure spending, and the “The Made in America Tax Plan,” which discussed proposals to fix the…
A very active market, combined with low interest rates, generates tremendous opportunities for commercial real estate owners to sell or refinance their properties. However, the early extinguishment of debt can come with additional complications. Commercial real estate investments that have fixed-rate mortgages often come with prepayment penalties if the owners choose to pay off the…
Share If you have more than $1 million in capital gains you may be considering realizing those gains this year. That’s because President Joe Biden is expected to release The American Families Plan which includes a provision to almost double the capital gains tax rate for those earning in excess of $1 million per year….
Share Interested in NFTs? What You Need to Know About How They Are Taxed Before You Invest Non-fungible tokens (NFTs) are unique digital assets authenticated by a blockchain public ledger and have become a popular way to invest in artwork, real estate, music, sports cards, and even Tweets. Each token is distinctive and one of…
The U.S. Department of Justice (“DOJ”) reported its False Claims Act (“FCA”) statistics for fiscal year 2020. More than $2.2 billion was recovered from both settlements and judgments in 2020 on FCA matters and over 80% of all recoveries came from the healthcare industry. A qui tam, or whistleblower action, under the FCA allows individuals…
Global coffee distributor modernizes ERP system across the globe and realizes solution vision with formal user adoption “change management” program. The Client Headquartered in Italy, Illy Café is a world-renowned coffee brand with global distribution on all five continents, throughout 140 countries, employing 1,200+ people back in the year 2016. Withum served the Illy North…
Section 1202 is one of the most powerful gain exclusion provisions in the Internal Revenue Code. It provides for the full or partial exclusion of capital gain realized on the sale of qualified small business stock (QSBS). If the requirements are met, then taxpayers can exclude from gross income capital gain in an amount equal…